The following information and useful tips will help you to manage your business insurance policy and get the most out of your cover.
Information for employees
It’s important that your employees are aware of, and understand, the kind of insurance benefits they have. Brochures that outline details of the cover you provide can be requested through your Adviser or by calling Sovereign on 0800 768 867.
Changes in circumstances
Please let us know if:
- An eligible employee would have a sum assured greater than the automatic acceptance limit, or if they were absent from work due to sickness or accident on the day they are eligible for membership
- Employee numbers change by more than 25% (e.g. in periods of rapid growth or downsizing) in any plan year.
Exiting employees who want to keep their insurance
Employees who leave may be able to continue their insurance cover at their own expense, without having to provide any further health information.
You need to tell us when someone leaves your employment so that we can provide them with an option to continue their cover. This can be done in advance of the person leaving, or as soon as possible after they have left. In most cases, they will have 60 days to take up this option, from the date that their employment with you ends. This may vary from plan to plan.
If your plan has fewer than 20 employees
Premium adjustments for new and exiting members will be based on the number of days covered. Salary-related benefits will be adjusted at each annual review date.
If your plan has more than 20 employees
Premium adjustments for new and exiting members will be made under our continuous review facility (detailed in your policy). Salary-related benefits will be adjusted as salary changes occur throughout the year (for claims) without you needing to tell us when they occur.
Reviewing your plan
We’ll review your workplace insurance plan once a year, on your policy anniversary date. Approximately one month before the review date, we will send you the details of your current plan and its members. You must let us know within 30 days of the review date if there have been any changes to the plan, including the details of members who have left and joined the plan over the year up to the review date.
Once we have all the information we need, we will review the activity on your plan for the past 12 months and provide you with new premium and cover details for the year ahead.
Please note: To make sure cover continues, keep paying your current premium until we provide you with your new cover and premium details.
Disclaimer: The availability of any insurance cover is subject to your application being approved. For full details, refer to the policy document which is available on request from Sovereign. Applications are subject to individual consideration. Special conditions, premiums, maximums and exclusions may apply. The information contained on this website is general in nature and is not intended as advice. Before making any investment, insurance or financial planning decision you should consult a professional adviser. Copies of our disclosure statements are available on request, free of charge.